Life Insurance 9.95 Month (2024)

FAQs

How much insurance do you get for $9.95 a month? ›

$9.95 will buy one unit of insurance coverage. If you are a 50-year old man, that means your policy will pay out a death benefit of $1,669 when you pass away (if you pass away after two years). If you are a female, your unit will pay out $2,000 in death benefits if you pass away after two years.

The Colonial Penn 995 plan is a burial insurance policy that provides coverage for funeral expenses. It is a whole life insurance policy, which means it covers you for your entire life. The plan is known for its affordability, starting at $9.95 per month, and guaranteed approval for everyone over the age of 50.

We offer Guaranteed acceptance whole life insurance for those ages 50-85 (in most states) with options starting at $9.95 a month—ease the burden of final expenses and get back to living life on your terms. Colonial Penn's^® popular guaranteed acceptance whole life insurance coverage rates are offered in units.

One-year life policies through Progressive from Fidelity Life start at just $10 per month ^{*Read the associated disclosure for this claim.} with coverage levels going up to $200,000.

Colonial Penn 995 Plan Is A Guaranteed Issue With A Waiting Period. Guaranteed issue life insurance sounds great, but of course, there's a catch… In the case that you die within two years after purchasing your policy – your beneficiary won't receive full death benefits.

Although Colonial Penn is a stable insurer with an A- financial strength rating from AM Best,* the company received mixed marks in other areas. Part of this is due to limited offerings and a focus on no-exam policies that result in higher policyholder premiums.

Colonial Penn sells only guaranteed acceptance whole life insurance. Guaranteed acceptance life insurance is typically the most expensive way to buy insurance. Coverage amounts are also limited.

Colonial Penn offers two whole life insurance policies. Both policies offer a lump-sum death benefit payout, accumulating cash value the policy owner can access while the insured is still living. As with all policies, the death benefit payout will be reduced if the amount borrowed is not repaid.

As the result of a horrific accident, a man in San Jacinto, CA lost his wife. Because her sad and untimely death was accidental, our client filed a claim for accidental death benefits under his wife's life insurance policy. Colonial Penn Life Insurance Company denied the claim for reasons that were objectively untrue.

Mangaliman says, "ultimately, seniors are purchasing and keeping life insurance in-force as a part of their legacy to their beneficiaries. It serves as the most cost-efficient way to pay for estate taxes and ensure you're leaving your family with financial security when you pass instead of stress."

Is 70 too old for life insurance? ›

Once you're in your 70s, there may be more limitations on the types of policies available to you. but you can still get life insurance over 70.

Human Life Value*

Based on the value of your future earnings, a simple way to estimate this is to consider 30X your income between the ages of 18 and 40; 20X income for age 41-50; 15X income for age 51-60; and 10X income for age 61-65. After age 65, coverage is based on net worth instead of income.

Colonial Penn sells its guaranteed acceptance coverage in “units,” and the amount of coverage this gets you varies by gender and age. Each unit costs $9.95 and you can buy up to 15 units.

Here's A Tip

In particular, you want a policy that lasts 15 or 20 years with coverage that's 10-12 times your annual income. Those numbers will let your beneficiary invest their payout and get a good enough return to be able to replace the loss of your income if you die early.

Answer: Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includable in gross income and you don't have to report them. However, any interest you receive is taxable and you should report it as interest received.

A $500,000 life insurance policy with a 10-year term costs an average of $62.99 per month for a smoker, compared to $29.26 per month for someone in poor health or $26.88 for someone with a high BMI. This compares to the same rate for a healthy individual, which would cost around $18.44 a month.

Cost Breakdown of $50,000 Life Insurance

Term Life Insurance: For a 30-year-old non-smoker, a 20-year term might cost around $10 to $15 per month. However, for a 50-year-old smoker, the cost might jump to $40 to $60 per month.